Healthcare administrators play a crucial role in medical organizations. They typically manage hiring, budgeting, implementing policy and planning for growth. The U.S. Bureau of Labor Statistics projects the healthcare industry will add 18% more jobs between 2018 and 2028, which means the job outlook for healthcare administrators and managers is strong. Earning a Master of Business Administration in Healthcare Administration is a way for healthcare professionals to advance in their careers. It is also a way for professionals in other industries to transition to healthcare.
Rewarding Careers for MBA in Healthcare Grads
The average yearly salary for a healthcare administrator with an MBA is $81,000, according to PayScale. The following are just a few of the positions for graduates of an MBA in healthcare administration program.
Corporate Development Manager: Also known as business development managers, these professionals devise strategies to build new client relationships while maintaining established partnerships. Their responsibilities typically include oversight of fundraisers and management of relationships with individual patrons or foundations that support healthcare-related causes.
Corporate development managers analyze areas for potential financial growth. They often supervise the coordination of corporate development efforts with marketing departments to ensure that a company’s messaging aligns with its fundraising and development goals. Strong communication and interpersonal skills are crucial for success in this role. The average salary for business development managers is $72,201 per year, according to PayScale.
Healthcare Consultant: Healthcare consultants are commonly found in the private business sector. They must have strong business skills and a deep understanding of the healthcare industry. Healthcare consultants are often charged with providing recommendations for improving efficiency while cutting redundancy and waste. Solid interpersonal skills help in this profession, as does the ability to work independently and think critically.
Common duties include conducting organizational studies, evaluating staff performance, preparing manuals for implementing new policies, and designing new procedures. Healthcare consultants average $77,270 per year in salary, according to PayScale.
Hospital Administrator: The job duties of hospital administrators can include overseeing day-to-day operations, hospital finances and long-term planning. Some of the responsibilities are:
- Supervising staff
- Setting costs for medical services
- Overseeing fundraising
- Communicating with regulatory bodies
- Coordinating efforts between hospital departments
- Hiring staff, including doctors and nurses
The average yearly salary for this position is $86,789, according to PayScale.
Health Insurance Managers: This role is common in medium to large corporations. It typically falls under the human resources umbrella. Health insurance managers work within corporate budgets to design benefit plans for employees. They must be well-versed in federal and state laws that govern health insurance plans. Administrative responsibilities include managing staff and handling employee enrollment in benefits plans. The average annual salary for this career is $75,080, according to PayScale.
Salary data in the above descriptions is from December 2019.
Grow Your Career With an MBA in Healthcare
If you’re interested in becoming a leader in the healthcare industry, you can gain foundational knowledge in business administration along with in-demand health industry acumen through the University of North Carolina at Pembroke’s online MBA in Healthcare Administration.
Our concentration courses teach health economics and the legal aspects of managing a healthcare facility. To deepen their expertise, students choose from electives in one of the following areas: business analytics, entrepreneurship, HR management, operations management or services marketing. Once you have completed our 100% online MBA program, you will be qualified for a variety of roles in healthcare administration.
Learn more about UNCP’s online MBA in Healthcare Administration.
Sources:
U.S. News & World Report: 5 Top Jobs for MBA Grads in Healthcare
eHow: What Does a Health Insurance Manager Do?
PayScale: Master of Business Administration (MBA), Health Care Administration Degree
PayScale: Healthcare Consultant Salary
PayScale: Business Development Associate Salary
PayScale: Hospital Administrator Salary
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